Summary: Aeroporti di Roma SpA
Standard & Poors, July 2010
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
Abstract
The ratings on AdR reflect Standard & Poor's Ratings Services' view of its highly leveraged financial profile and rising refinancing risk, particularly in coming quarters. The protracted regulatory process for tariff increases is also a key constraint to the rating, as is the enduring dependence on Alitalia. These risks are somewhat offset in our view by AdR's strong market position, large catchment area, high proportion of origin and destination traffic (72.8% in 2009), manageable capital expenditures, and better traffic performance in 2009 and first-quarter 2010 than most other European airports. AdR reported 2009 revenues of -561.8 million, a 1.5% decline on 2008. Aviation revenues were more or less stable, growing 0.7%. Commercial revenues fell 3.7%, which is less resilient than...
Companies mentioned in this report are: Aeroporti di Roma SpA
Action: Review
Aeroporti di Roma SpA
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